DEFICIT £2,500

Evening Star, Issue 20000, 18 October 1928, Page 3

DEFICIT £2,500

BUILDER BANKRUPT [l’m United Association.] HAMILTON, October 17. Au important bankruptcy, in winch some thousands of pounds arc involved, _tho bankrupt bavin" faded to provide a schedule of his assets and liabilities, was considered to-day at a meeting of creditors of Walter W. Scott, builder, Hamilton. Mr Richard English, public accountant, to whom tho estate was assigned in February last, wrote stating that the crcditois statement showed liabilities totalling £7.531. Tho' assets have been estimated at £6,465, including £4,34.' duo on the Pacroa Theatre contract, and £1,865 on tho Monrinsvillo Hoto, contract, but tho assets wero overstated. The* amounts due wero largely pledged to lien holders. Tho bankrupt claimed that ho was solvent when be began the contracts mentioned. Ho admitted that lie bad kept no books since. The bankrupt stated on oatli that lie had paid £2OO as a secret commission to G. L. Burmestcr, architect, lo A rob a. Burmestcr denied tins. Cross-ex-amined on oath by bankrupt’s solicitor Burmestcr said bo bad two banking accounts. The first certificate lor the Morrinsvillo job was £I,OOO. He paid a cheque for only £BOO, however. Counsel: Then why did you give a certificate for £1,000? Witness said that after die ccrtilicatc had been made out a complaint was made about the quality of tho timber. Scott said ha was ’ replacing it. As the new timber had not arrived when pavmcnt was made he retained £2OO, ‘ . ... The assignee estimated the deficiency in tho estate at £2,500. Ho said the bankrunt’s position was a serious one. In Mav, 1925, be was apparently worth £1,500, and had gone back to the extent of about £4,000 in two vears. He had kept no hooks, a - tboimh be bad bandied about £20,00U in two years. Large sums bad boon icccivod that had not Ivcm paid into the bank. . . , ~ ~ Tho meeting adjourned to enable tuc bankrupt to furnish a statement.